Beazley FY Profits Top $250 Million
Beazley plc reported a 59 percent increase in its full year 2010 profits at $250.8 million, compared to $158.1 million in 2009. Additional highlights, as detailed from Beazley’s Dublin headquarters, included the following: — Profit excluding exceptional foreign exchange gain …
Mercury Insurance Suffers $23.6M Net Loss
Due in part to claims from California rainstorms and Florida sinkholes, Los Angeles-based Mercury Insurance reported a fourth quarter net loss of $23.6 million, compared with net income of $34.2 million for the same period in 2009. For the year, …
ACE Reports Q4 Net Income of $1 Billion; $3.1 Billion Full Year
ACE Limited reported net income for the quarter ended December 31, 2010, of $2.92 per share, compared with $2.81 per share for the same quarter last year, totaling over $1 billion. Income excluding net realized gains (losses) was $2.05 per …
Munich Re Estimates 2010 Profits at $3.35 Billion
Munich Re announced that its preliminary estimate of its consolidated results for 2010, “despite substantial losses,” is €2.43 billion [$3.35 billion], compared to €2.56 billion [$3.528 billion] in 2009. Profit for the fourth quarter totaled €480 million [$661.5 million], compared …
RSA Posts 2010 Weather Impact Update; 2011 Outlook
The UK’s RSA announced that the “impact of the adverse weather in November and December 2010 to be around £142 million [$229 million] more than normal levels and for the full year to be around £255 million [$408 million], or …
Best Upgrades Am. Country, Am. Service after Kingsway Public Offering
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B’ (Fair) from ‘B-‘ (Fair) and issuer credit ratings (ICR) to “bb” from “bb-” of American Country Insurance Company and American Service Insurance Company, Inc., both domiciled in Elk …
Ratings Recap: Computer, FirstComp
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Providence RI-based Computer Insurance Company, both with stable outlooks. Best said the ratings reflect Computer Insurance Company’s “outstanding profitability, conservative operating …
Swiss Re Concludes $170 Million Successor X Cat Bond Placement
Swiss Re has obtained another $170 million in protection through the Successor X Ltd. catastrophe bond program, covering Australia earthquake, North Atlantic hurricane and California earthquake risks. “The combination of Australia earthquake risk with US peak natural catastrophe risks is …
Year-End Storms Cloud P/C Insurers’ Profit Picture
U.S. property insurers like Travelers Cos. Inc. and Chubb Corp. were expecting a relatively mild fourth quarter for catastrophe losses, but a series of punishing storms across the country in December may have blown away those estimates. That could add …
